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Accusations over deficit proposals stall supercommittee

'We’re waiting for them to bring back a fair and balanced approach,' Sen. Patty Murray says. |
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The Toomey proposal — submitted to Democrats in a late-night meeting Monday — calls for $1.2 trillion in budget savings, which is the minimum amount of cuts that the committee must find in order to avoid triggering automatic cuts in 2013, including to defense programs. About $776 billion would come from spending reductions, including $275 billion from health programs, $240 billion in cuts that would affect the federal workforce and $161 billion in savings by changing the formula for Social Security payments, sources say.

Of the $600 billion in new revenues, the proposal assumes about $100 billion would be raised through economic growth. And in a break from the GOP’s no-tax orthodoxy, about $250 billion in new revenues would be raised by capping certain tax deductions at a percentage of the taxpayers’ income. Republicans said the burden would fall on individuals earning over $200,000 and couples with joint returns, and proponents argued that the end result is more progressive than Democrats give it credit.

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Sen. Jim DeMint (R-S.C.) stopped short of opposing the plan before he saw details but sounded skittish.

“We don’t need to take more money from taxpayers,” he said.

But Democrats were not ready to embrace the proposal either and have seized on the GOP call to permanently reduce all marginal tax rates, especially the 28 percent income tax cap for high earners. If the Bush tax cuts are allowed to expire in 2013, the rates would go up to 39.6 percent for households earning more than $250,000.

Far from the level of secrecy through the first two months of talks, Democrats circulated a several memos on Wednesday. One laid out their new “1-Trillion-1 Trillion” deal. Democrats contend it lays out instructions for tax reform with rates no higher than 35 percent — much higher than Republicans would like. Defense and other non-defense discretionary savings would total $400 billion, according to the memo, and Medicare and Medicaid savings would total $400 billion.

Democrats plan to use savings from winding down wars in Iraq and Afghanistan for a “jobs package, including infrastructure.”

The other memo panned the Republican proposal as a giveway to the rich that would blow a major hole in the budget, especially if taxes are not increased on capital gains and dividends.

When asked about the GOP’s offer of an additional $300 billion in tax revenue, Rep. Xavier Becerra (D-Calif.) said, “You mean the one [with] a loss of revenue?”

Democrats had previously offered a larger deficit-reduction plan with roughly $3 trillion in budget savings — $1.3 trillion coming from new tax-based revenue that has already been rejected by Republicans. Their plan — meant to entice Republicans to move toward them on revenue — cuts deeply from Medicare and Medicaid to the tune of roughly $475 billion, aides say. There are also seismic changes to agriculture subsidies and the federal retirement programs.

I think it is time that families making over $200K start showing their economic muscle and stop being slapped by the democrats, big union, and the tent people. 53% that pay most of the income taxes should start boycotting targeted businesses that employ members of big labor. If big labor wants to keep criticizing the 53% then perhaps they should take their business elsewhere and undermine labors impact. I am sure it will conflict some of big labor bosses since several of them make lots of money putting them clearly in the !% category.

As it relates to the democrats like Reid, Sanders & Pelosi, the 53% should start boycotting vacation and casino resorts in Sanders and Reid states. Especially the union shops. It is time to let the socialist politicans and big labor thugs know that we are no longer going to be abused by their message and tactics

If anyone ever expected the super committee to accomplish something or actually do something for this country, they have been sadly mistaken. Politicans in Washington are there for only one reason, to get re-elected and not to serve the people. Not one politican in Washington is willing to make a tough decision, especialy one that will help our country in the future, but may dim their re-election chances today. I suppose it is all about self preservation and serving the lobbyist, special interests, big money donors etc. that got them elected in the first place.

Why dosen't the GOP agree to just give the democrats everything they want and more? Increase every americans income taxes to 90% of their income. Quadruple food stamps, print 50 Trillion dollars, and use some of it to bail out Europe? Why not, we are already a financially dead nation because of the democrats. That would immediately cause the collaspe of the United States, put us into the greatest depression in world history, and ruin what is left of our currency. The "good news" would be that the public would revolt, riot, and turn on the democrats who would have to run for their lives. This message is to the democrats who are pushing for more spending, "be careful of what you wish for", you may just get it! And in that case, you will own it!

I have never read an analysis of the supercomittee that anticipated it would succeed. That is, every single knowledgeable observer of the legislative branch expected the committee to fail, and it is doing exactly that right now.

53% that pay most of the income taxes..

Also, if you haven't heard, income is very inequitable in the US and we have a progressive taxation system, so high income households paying a disproportionate share of taxes is, in fact, a feature, not a bug. Its called 'vertical equity.' Google it.

Let it fail and close all these useless military posts scattered all ove the south. Mothball half the fleet and have these highly qualified military people trained to do something useful instead of pushing other countries around. A smaller military, just like smaller gov t will get us into a lot fewer police actions and take some of the big talk out of the conversation.

You Democrats are too funny, in a pathetic sense. You belong on America's Funniest Video.

You have clearly hung your jingoist governance upon "fair and balanced"...this slogan de' rigueur of the Left, your mantra...over and over and over.

Proverbs has it that dogs return to their vomit. So it is with the Left.

You return to your overused slogan, which you bark out as if it constituted sagacious government oversight. But, your incessant barking merely proves your character. The more you return to it, the more you bark it out, only causes your taxpaying master to question the whole of your breed as little more than intransigent tax-and-spend dogs. Frankly, there's little justification in keeping you.

You have grown too accustomed to having your meals placed before you by the dutiful taxpayer...whom you wrongly perceive to be your personal valet. Never is your bowl quite full enough. Yet you eat until you vomit. And then you repeat it, demanding more, evermore. The price of feeding you exceeds sane usefulness.

If you continue to bark at the empty night, and predictably without reason, continue to demand more in your bowl, never being satisfied that enough is enough, then...the only remedy for the peace of the neighborhood is simply to get rid of you. I rather much think that that will be the case in 2012.

Obese chihuahuas like you Leftist Democrats are no substitute for mastiffs anyhow. I tried to explain this to my neighbors before they bought you ankle-biters in the first place. You cry wolf so many times, you can never be believed. Fair? Balanced?

And there you have it. Despite your repetitiously barked jingo, Democrats have become the ridicule of the neighborhood. Certainly no one now, having been so long deceived, believes your barks of "wolf!" anymore...excepting perhaps liberals still dumb enough to cart out chow without questioning or correcting the useless little clarion.

I sometimes wonder at the breed...and at their owners...owners who evidently have become emotionally attached, to the point of near Siamese-union, to the hairless little critters. Those owners seem to be as clueless as their hairless charges...as they busily knit yet another cuttie pie sweater for the little darling, just to make up for the evident shortcoming that nature bequeathed to the breed.